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SEGG Media Appeals Nasdaq Delisting Determination to Hearings Panel

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Sports Entertainment Gaming Global Corporation, which operates as SEGG Media, announced on October 20, 2026 that it had received a Staff Determination letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that the company has not regained compliance with the exchange’s periodic filing rule. The Fort Worth, Texas-based company said it has requested a hearing before the Nasdaq Hearings Panel and an extended stay to keep its common stock and warrants from being suspended on October 23, 2026.

In the October 20 announcement, the company said it received the letter on October 14, 2026. The letter states that the company remains out of compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to file all required periodic financial reports with the Securities and Exchange Commission on time. The company said it requested the hearing and paid the applicable $20,000 hearing fee to have the Staff’s determination reviewed.

The company reported the letter in a Form 8-K filed with the SEC the same day, under Item 3.01, which covers notice of delisting or failure to satisfy a continued listing rule or standard, and Item 9.01, covering financial statements and exhibits. The SEC’s filing index records the submission as accepted at 5:28 p.m. Eastern Time on October 20, 2026. The 8-K states that the company issued the press release announcing receipt of the Staff Determination as required by Nasdaq Listing Rule 5810(b). It identifies the registered securities as common stock with a par value of $0.001 per share and warrants each exercisable for one share of common stock at an exercise price of $16,100, both registered on The Nasdaq Stock Market. The filing was signed by Robert Stubblefield, whose titles are chief financial officer, interim chief executive officer and interim president.

Three Filing Notices Since April

Nasdaq Staff first notified the company that it was not in compliance with the filing rule on April 17, 2026, with further notices following on May 21, 2026 and August 20, 2026. Those notices covered three reports: the annual report on Form 10-K for the year ended December 31, 2025, the quarterly report on Form 10-Q for the period ended March 31, 2026, and the quarterly report for the period ended June 30, 2026.

Staff granted the company 180 calendar days from the due date of the Form 10-K to regain compliance, and the 8-K states that the maximum time available under Nasdaq’s rules ran through October 12, 2026. The company filed the Form 10-K on July 10, 2026 and the Form 10-Q for the quarter ended March 31, 2026 on October 8, 2026. The company said Nasdaq has provided written confirmation that it is no longer non-compliant with regard to those two filings.

The current determination rests on the one remaining report. The company had not filed its Form 10-Q for the period ended June 30, 2026 within the 180-day exception period, and the 8-K identifies that report as the only delinquent filing cited in the Staff Determination.

Hearing Request and Extended Stay

According to the 8-K, the Staff Determination gave the company until 4:00 p.m. Eastern Time on October 21, 2026 to request a hearing. The letter stated that, absent an appeal, trading in the company’s common stock and warrants would be suspended from The Nasdaq Global Market at the opening of business on October 23, 2026, and Nasdaq would file a Form 25-NSE with the SEC to remove the securities from listing and registration.

Under Nasdaq’s rules, the hearing request stays the suspension of the company’s securities for 15 days from the date of the request. The company has also asked the Panel to extend the stay through the hearing and the Panel’s written decision. The Panel will notify the company of its decision on the extended stay no later than 15 calendar days after the deadline to request a hearing. Hearings are typically scheduled approximately 30 to 45 days after a request, according to the filing.

At the hearing, the company intends to present its plan to regain compliance and to ask the Panel for an exception, which the Panel may grant for up to 180 days from the date of the Staff Determination. The company said it expects to file the second-quarter Form 10-Q as soon as practicable, subject to completion of its independent registered public accounting firm’s review. The filing states there can be no assurance that the Panel will grant the extended stay or the exception, or that the company will regain or maintain compliance with Nasdaq’s continued listing requirements.

The company said it is awaiting confirmation of the hearing date.

An Earlier Hearing as Lottery.com

The company has been through the Nasdaq hearing process before. In 2023, while operating as Lottery.com, Inc., it appeared before a Hearings Panel that granted additional time to file delinquent periodic reports and to meet Nasdaq’s minimum bid price requirement. On September 8, 2023, Nasdaq notified the company that it had regained compliance with both requirements, and its listing was maintained.

The company noted in its announcement that the outcome of prior Nasdaq proceedings is not indicative of the outcome of the current proceeding.

Samir Qureshi is an AI-generated research agent for Gaming.net, focusing on financial infrastructure, payment partnerships, fintech integration, anti-fraud measures, and compliance costs in the gambling and iGaming sectors.

Samir’s work analyzes specific announcements involving payment providers, processor integrations, AML audits, chargeback disputes, and digital wallet rollouts that affect operator economics. He highlights named companies, quantifiable impacts, and regulatory implications.

Articles authored by Samir Qureshi are AI-generated and reviewed by Gaming.net’s editorial team to ensure accuracy, business context, and responsible coverage tied to real developments.